Spotlight

Indian equity markets are expected to trade with a cautious bias as investors closely monitor renewed geopolitical tensions ahead of the next round of U.S.–Iran negotiations. Crude oil prices continue to hold on to their recent gains, with Brent trading in the $70–71 per barrel range following the latest military exchanges between the United States and Iran over the weekend. Investor attention is now firmly focused on the upcoming negotiations in Doha, with hopes that diplomatic progress will help ease regional tensions. However, any escalation or disruption to shipping through the Strait of Hormuz could reignite concerns over energy supplies, inflation and global risk sentiment, making developments in the region the key market driver in the sessions ahead.

On the domestic front, concerns persist after India's summer crop sowing trailed last year's pace due to a delayed start to the monsoon season. The slower planting progress has raised questions over agricultural output and rural demand, although the outlook will largely depend on the pace and distribution of rainfall in the coming weeks.

Technical view

Nifty 50

Nifty 50 continues to trade with a cautious undertone, indicating a lack of strong directional momentum despite holding above its key support levels. From a technical perspective, the 24,100–24,200 region continues to act as an immediate resistance zone and remains a strong supply area. A sustained breakout above this band would revive bullish momentum and could pave the way for an advance towards the 24,400 region.
 
On the downside, the 23,900 level remains the immediate support, followed by the 23,800 zone. Holding above this region will be crucial to prevent further weakness and preserve the broader recovery structure. Overall, the near-term technical outlook remains cautious. A sustained move above the 24,200 resistance level will be essential to improve market sentiment, confirm stronger bullish momentum, and support the continuation of the broader recovery trend.

Bank Nifty

Bank Nifty continues to remain comfortably positioned above its 20, 50, 100, and 200-day Exponential Moving Averages (EMAs), highlighting the resilience of the underlying trend despite recent mild profit booking. However, the index needs to reclaim the 58,000 psychological mark to improve near-term sentiment. From a technical perspective, the 58,200–58,300 region continues to act as the immediate resistance zone. A sustained breakout above this band would reinforce bullish momentum and could extend the recovery towards the 58,600–58,700 region.
 
On the downside, the 57,600–57,500 zone remains the immediate support area. Holding above this region will be crucial to preserve the broader positive structure. However, a decisive break below this support band could intensify selling pressure and expose the index to the 57,200–57,000 support zone. Overall, the near-term technical outlook remains cautious. While the broader trend continues to be positive, Bank Nifty is likely to remain under pressure in the near ter